Trans-Cab lodges offer for public listing on SGX

Taxi operator Trans-Cab lodged an offer for an initial public offering (IPO) on the Singapore Exchange (SGX) yesterday.

The company, which acquires vehicles and rents them out to licensed taxi drivers, was incorporated here in 2009.

It said in documents submitted to the SGX that it generated net cash flows before working capital changes of $60.7 million in the 2018 financial year. This was partially offset by an outflow of $8.7 million.

After taking into account income tax of $2.3 million, net cash flow from operating activities amounted to $49.7 million. Net profit rose 74.3 per cent, from $3.5 million in the six months to June 30 last year, to $6.1 million in the same period this year, despite a fall in revenue.

Mr Teo Kiang Ang is executive chairman and chief executive of the company.

Trans-Cab first announced listing plans in 2014 but called it off because it had been unaware that there was an additional insurance premium of $1.83 million pending.

It was reported in September that the firm had revived its IPO plans.

The firm also stated in documents submitted to the SGX yesterday that it intends to expand its taxi and rental vehicle fleets, build new pump stations and pursue growth through acquisitions, joint ventures and other alliances.

The company said: “We believe that the demand for peer-to-peer passenger transport services is likely to increase and we intend to leverage our experience in the public transport industry… to expand our leasing services operations, by acquiring more vehicles and offering a wider range of vehicles for lease.”

Trans-Cab has a fleet of 2,915 cars as of this month.

The company said it would also continue acquiring petrol-electric hybrid vehicles for both taxi and rental vehicle fleets.

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